Schedule K1 Box 16 Checked but no K3

[Th3Fr3dd]

I received a K1 for a publicly traded partnership (UCO) after I filed so I am doing an amended return. Schedule K1 - Box 16 indicates that a K3 is attached, but it will not be available until August 31st. I have tried to just leave everything blank in the K3 sections TurboTax asks for, but this prevents me from e filing. There is not foreign taxes paid per box 21 on the form. Any advice on what to do since I feel a little uncomfortable unchecking box 16? 

[HelenC12]

If your K-1 does not report foreign activities for Schedule K-3, you can uncheck the box (14 on 1120S, 16 for 1065) and e-file now. For some taxpayers, the IRS has announced that most K2/K3 reporting for 2021 can be delayed until the 2022 tax return.

However, if your K-1 does report foreign activities, you are required to include Schedule K-3. You have the option to uncheck the box, e-file now, and amend your return later. Or you can file an extension and check back later in the year to see if Schedule K-3 is available.

Please note that the issuance of a K2/K3 is not a Turbo Tax issue, it is a IRS issue. According to the IRS, these are the release dates for these forms, based on type of Business Entity. Even after the IRS form is released, it must be integrated into the software, which can take a few days. 

Form 1065            March 20, 2022
Form 1120-S         Mid-June 2022
Form 8865             January 2023 For more info, see this IRS link.

Source: PatriciaV

[ANDY012408]

In schedule K-1, box 16 is checked (k-3)

Having the issue here, my attached K-3 only lists a single entity (US) as the foreign country or US possession.

the foreign country or US possession; US IS NOT AVAILABLE TURBO TAX

So, on my schedule K3, part 2, line 24 and fill out the total gross income $1797

Is show US

But on the turbo tax it shows Foreign gross income $1797

does TurboTax plan to add the US to the list and handle those inputs?

OR SHOULD I UNCHECK BOX 16 ON K1? PLEASE ADVICE

[ANDY012408]

Hello:  My schedule k-1 says attached K-3 but not received and it is not available online any advice please?

i think the reason K -3 is not available is because i bought is in 2022.

as i checked online last time the company provided 2021 schedule. K-3 is in September 2022

so, if i bought those funds in 2022 then the K-3 for 2022 is not available until September 2023.

if that is the case, they should not check mark on my k-1. Any advice? 

[HopeS]

Entry for the Schedule K-3 on your federal tax return is ready to go in TurboTax.  

Within your tax return using the magnifying glass to search k-1 and use the Jump to link in the search results.  Enter the type of K-1 it is and when you mark box 16 it will walk you through entering the K-3s.

You will need to create a new K-1 for each country only if there is more than one type of foreign gross income in columns (b), (c), (d), and/or (e) of the K-3.  If you only have information in 1 column for 3 countries you can list the Foreign Country or U.S. Possession dropdown box as Various.  Then add the amounts for the different countries and enter them as one amount in the appropriate column.  If your K-3 does list amounts in more than one of the columns (b - e), you will need to enter a separate K-1 worksheet for each column.  You can still add the countries together and show the Foreign Country as Various for amounts in the same column.

Review the information below provided by @AliciaP1 for examples and additional information

2022 K-1 box 16

@ANDY012408 

[ANDY012408]

Thanks